MARKETS ON WEDNESDAY: Indices end flat; IT, metal stocks among top losers

Benchmark indices ended flat Wednesday  after a choppy session dragged by losses in the metal and IT indices.

The S&P BSE Sensex ended at 35,176, up 16 points while the broader Nifty50 index settled at 10,718, down 21 points

Sentiment across the globe was muted as investors await the US Federal Reserve’s policy decision later in the global day for cues on the future pace of US monetary tightening.

The Fed is seen set to hold interest rates steady but will likely encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.

Back home, shares of HCL Technologies dipped 4.5% to Rs 1,005 per share on the BSE after the IT company posted a 9.9 percent fall in its fourth-quarter net profit earlier today, hurt by higher expenses.

InterGlobe Aviation, the parent company of IndiGo, will also announce their quarterly results today. Markets will look for the company's future plans after the recent exit of its president, Aditya Ghosh.

GLOBAL MARKETS

Asian equities eased on Wednesday, while the dollar traded near a four-month high as investors count down to the US Federal Reserve’s upcoming policy statement for clues on the future pace of US monetary tightening.
 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, while Japan’s Nikkei shed 0.2 per cent.

(with Reuters inputs)

4:00 PM

Market rundown by Anand James, Chief Market Strategist, Geojit Financial Services 

 

"The sustained stretch of upsides prevailing all through April has begun to weigh on investors, and PSU and metal saw profit booking, especially with global markets seen shaky ahead of FOMC rate deicison. FII’s continued selling since mid April has emerged as a point of contention but positive factory growth numbers, strong auto sales, upbeat GST revenue collection will seek to extend the ongoing momentum aided by positive earnings season."

 

3:40 PM

Top draggers from Nifty IT pack

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
HCL TECHNOLOGIES	1005.35	1052.75	-47.40	-4.50	7506238
MINDTREE	1057.00	1084.60	-27.60	-2.54	1793235
ORACLE FIN.SERV.	4207.65	4310.10	-102.45	-2.38	26798
KPIT TECH.	253.15	258.60	-5.45	-2.11	1188805
TATA ELXSI	1216.70	1237.80	-21.10	-1.70	548914

3:38 PM

Nifty Metal index falls over 3%: Top losers in the pack

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
S A I L	72.95	77.65	-4.70	-6.05	14022263
JINDAL STEEL	237.80	252.10	-14.30	-5.67	6073671
HIND.ZINC	308.55	326.85	-18.30	-5.60	3606390
VEDANTA	283.45	298.40	-14.95	-5.01	12024307
MOIL	197.30	205.25	-7.95	-3.87	538682

3:35 PM

Sectoral Trend

3:34 PM

Top Sensex gainers and losers

3:32 PM

Markets at Close

The S&P BSE Sensex ended at 35,176, up 16 points while the broader Nifty50 index settled at 10,718, down 21 points

3:10 PM

Gold falls on global cues, slack demand

Gold prices drifted lower by Rs 70 to Rs 32,130 per 10 grams at the bullion market today, driven by a weak trend overseas amid easing demand from local jewellers. Silver also fell by Rs 250 to Rs 40,250 per kg due to reduced offtake by industrial units and coin makers. READ MORE

2:48 PM

Buyback proposal fails to lift PC Jeweller; stock tanks 23% from day's high

 

Shares of PC Jeweller have dipped 18% to Rs 119 per share falling 23% from its intra-day high on the BSE, despite the company announcing a share buyback proposal. The stock was up 6% to Rs 154 in early morning trade.

 

PC Jeweller on Sunday, April 29, said that the board of directors of the company will meet on Friday, May 5, 2018 to consider the proposal for buy back of fully paid-up equity shares of the company.

 

The board will also consider the audited standalone and consolidated financial results of the company for the quarter/financial year ended March 31, 2018 and recommendation of dividend, if any. READ MORE

2:34 PM

Analysts see Rs 140-billion L&T-Schneider deal in positive light

 

Larsen & Toubro’s (L&T) definitive agreement with Schneider to sell its electrical and automation (E&A) business in an all-cash deal for Rs 140 billion (slightly more than $2 billion) is on expected lines of analysts. Santosh Yellappu, analyst at India Nivesh, says, the deal valuations are fair and the company is pursuing its objective of becoming asset-light.

 

Earlier Credit Suisse, too, had anticipated the electrical business’ value at ₹140-160 billion. READ MORE

2:21 PM

Nifty Metal index falls over 3%, top losers in the pack

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
S A I L	73.45	77.65	-4.20	-5.41	10672711
HIND.ZINC	311.00	326.85	-15.85	-4.85	2588117
VEDANTA	284.45	298.40	-13.95	-4.67	9347162
JINDAL STEEL	242.10	252.10	-10.00	-3.97	4225737
MOIL	198.20	205.25	-7.05	-3.43	459200

2:15 PM

Kotak Mahindra Bank, Dabur India, Indiabulls Ventures hit new highs

Kotak Mahindra Bank, Dabur India, Indiabulls Venture, Jubilant FoodWorks, Nestle India, Pidilite Industries and Exide Industries were among 23 stocks from the S&P BSE500 index hitting new highs on the BSE on Wednesday.
 

Britannia Industries, Cyient, Escorts, Hexaware Technologies, KPIT Technologies, Mahindra & Mahindra (M&M), M&M Financial Services, Mindtree and Tata Chemicals too hit all-time highs in intra-day trade today. READ MORE

1:58 PM

Interview of the day Markets can sustain at current levels if earnings deliver: Swati Kulkarni

Corporate earnings and the outcome of the Karnataka polls are two big events back home that are likely to keep the markets choppy in May. SWATI KULKARNI, executive vice-president and fund manager – equities, UTI Mutual Fund tells Puneet Wadhwa in an interview that though mid-and small-cap companies are at a higher valuation as compared to their large-cap peers, one can still find value in select pockets. READ MORE

SWATI KULKARNI, UTI

1:45 PM

EU frets over use of antibiotics in India's primary shrimp production

The European Union, which accounts for about 18 per cent of India's seafood exports valued at $5.7 billion, is apparently miffed with no official controls in primary production of shrimps in India.

 

An audit team from EU had visited the Indian farm and processing facilities in November last year. READ MORE

1:30 PM

Billionaire Raghuram Shetty said to hire Evercore on finance unit IPO

West Asia billionaire Bavaguthu Raghuram Shetty hired Evercore to advise on a potential initial public offering (IPO) for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering money transfers and currency-exchange services.

 

Finablr, the holding company for businesses including Travelex Holdings and the UAE Exchange Centre, is weighing a share sale in London as early as next year that may value the business at billions of dollars, said the people, asking not to be identified as the information is private. More advisors could be hired in the next few months, they said. No final decisions have been taken and the plans could change, the people said. READ MORE

1:12 PM

Edelweiss on HDFC

Given its market leadership, HDFC is envisaged to be key beneficiary of government’s/regulator’s thrust on housing sector, lending growth visibility. Best-in-class cost ratios and adequate provisioning buffer will ensure steady operational performance. Value discovery via listing of HDFC Mutual Fund will be a positive trigger. However, valuations at 2.6x P/ABV for core RoE of 16.5% appears fair. Maintain ‘HOLD / Sector Performer’